Copper stockpiles on the Shanghai Futures Exchange have plunged 82% since early May, falling to roughly 69,000 tonnes by late July, the lowest level in about two and a half years. Meanwhile, COMEX copper inventories in the US have hit a record of over 650,000 tonnes, surging more than 40% year-to-date. This geographic redistribution reflects intense competition between the two superpowers to secure supply. On the US side, major importers are building strategic reserves ahead of potential tariffs on refined copper imports. In China, demand is being driven by AI infrastructure buildouts, broader electrification efforts, and power grid upgrades.
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